Banking and Finance

The ISDA Accounting Policy Committee appreciates the opportunity to provide comments and responses to the Financial Accounting Standards Board on the proposed Accounting Standards Update, Financial Instruments Overall: Recognition and Measurement of Financial Assets and Financial Liabilities...

Speech by Jaime Caruana, General Manager of the Bank for International Settlements, to OMFIF (Golden Series Lecture), London, 16 May 2013...

The consolidated list of asset freeze targets has been updated as at 16 May 2013...

On 1 May 2013, the Financial Conduct Authority published a press release to clarify the 12 month transitional period for authorised firms to update their regulatory status in relation to their business stationery and any electronic equivalents...

Commission Implementing Regulation (EU) No 448/2013 of 15 May 2013 establishing a procedure for determining the Member State of reference of a non-EU AIFM pursuant to Directive 2011/61/EU of the European Parliament and of the Council...

Council Implementing Decision 2013/219/CFSP of 16 May 2013 implementing Decision 2011/486/CFSP concerning restrictive measures directed against certain individuals, groups, undertakings and entities in view of the situation in Afghanistan...

ABI members have confirmed to the Government that they will continue to voluntarily meet their commitments to offering flood insurance for an extra month after the current industry flood insurance agreement expires on 30 June 2013, while discussions with the Government on the future of flood insurance continue...

The existing literature suggests that a macroprudential policy authority could affect the resilience of the financial system and the flow of credit to the real economy through two main channels...

The FCA have published this statement in order to warn investors against dealing with unauthorised firms...

The European Parliament and Council of Ministers have agreed the final form of the new EU rules for the disclosure, on a project by project basis, of payments to governments by companies operating in the extractive industries...

The Financial Conduct Authority has issued final notices banning two former directors of Which Mortgage Limited in respect of their failure to act with due care and skill to ensure that the firm had appropriate controls to verify mortgage applications which were submitted to high street lenders...

The FCA has published its policy statement and final rules which confirm that it will ban payments from product providers to platforms, and cash rebates of product charges by product providers to consumers, in respect of sales of retail investment products...

The FCA has published an update on its approach to last August’s consultation on proposed restrictions to the marketing of unregulated collective investment schemes and close substitutes...

Last week saw a significant Foreign Corrupt Practices Act ("FCPA") enforcement action against employees of a US broker-dealer, who are alleged to have bribed a Venezuelan government official to direct brokerage to the firm. The case is one of only a handful of financial services industry FCPA enforcements and is a reminder of the government’s interest in extending the law’s reach to all economic sectors. This client publication summarizes recent events and provides suggestions on how the banking and finance sector can manage its FCPA risks...

The EFAMA has published its latest Investment Fund Industry Fact Sheet, which provides investment sales and asset data for March 2013...

The Chancellor's keynote speech at the Confederation of British Industry's annual dinner; 15 May 2013...

Commission Implementing Regulation (EU) No 447/2013 of 15 May 2013 establishing the procedure for AIFMs which choose to opt in under Directive 2011/61/EU of the European Parliament and of the Council...

Commenting on announcement by Martin Wheatley, Chief Executive, Financial Conduct Authority (FCA) that the FCA will be conducting a thematic review of claims handling in personal insurance, Maggie Craig, Director of Financial Conduct Regulation at the Association of British Insurers, said: "Millions of individuals and businesses rely on the vital financial protection insurance provides, with insurers paying over £28 million to customers every day for household and motor claims alone. Insurers want to offer products that do what they say on the tin, with clear policy language and a straightforward claims process..."

Speech by Martin Wheatley, Chief Executive, the FCA, at the British Insurance Brokers’ Association conference, ExCel Centre, London; 15 May 2013...

The FCA have published this statement in order to warn investors against dealing with unauthorised firms...

Help is on the way for hundreds of Millom & District Credit Union savers after it went into liquidation. The FSCS is stepping in to protect members of the credit union based in Millom, Cumbria...

A company can be wound-up under the Insolvency Act 1986 if it is unable to pay its debts...

The finalised Basel III standard on the Liquidity Coverage Ratio was unveiled in January 2013, ready for what will now be a phased introduction from January 2015...

Topics in this issue:

Practical steps following legal cutover

More on cultural change from the FCA

FSA confirms approach to temporary FCA product intervention rules

FCA publishes policy statement on payments to platform service providers and cash rebates to consumers

An update on EMIR

FSA sends firms classification letter in anticipation of switchover to twin peaks regulation

Extension of the special resolution and administration regimes

CRD IV and CRR texts adopted by the European Parliament

FCA publishes guidance on special member controls for RIEs and MTFs

EFG Private Bank fined £4.2m for AML controls failings

FCA censures money transfer company for breaches of Payment Services Regulations